President Yoweri Museveni has described the fallen Bank of Uganda (BoU) Governor, Prof Emmanuel Tumusiime-Mutebile as a dedicated and committed man who was always ready to serve his country. Museveni said this during a mass service held at Kololo Ceremonial grounds.
Mutebile died on Sunday, January 23, 2022 at Aga Khan Hospital where he was admitted over diabetes-related complications. Mutebile will be laid to rest at his ancestral home in Omuruhiti, Kabale Town on Sunday, 30th January 2022.
Speaking during the mass, Museveni said; “I came to know Mutebile, when he was an undergraduate at Makerere. He was slightly behind me at the University. When Idi Amin announced his coup, I met with Mutebile and Rugunda and others, and decided to fight Idi Amin and I slept in Mutebile’s room when I was a rebel, University Hall.”
Museveni said the slogan of Mutebile and his group was to control liquidity. They pointed out that we should let the shilling float. Their group believed in privatisation which I think was a mistake. We also believed in privatisation but not to their extent.
He said Mutebile together with his colleagues controlled liquidity to control inflation, currency reforms so that the Uganda Shilling finds its actual level and lastly, Privatisation of Government enterprises.
“The Mutebiles were wrong on the privatisation of Uganda Commercial Bank (UCB). Their argument persuaded me and I sided with them. After privatising it, the interest rates have never gone down. When they came for Uganda Development Bank (UDB), I said nobody will touch it,” Museveni said.
Mr. Matia Kasaija, the Minister for Finance, Planning and Economic Development said God has taken Mutebile at a time when they were trying to ensure the economy begins to go the way that favours Ugandans.
“We have worked on various programs with Emmanuel to sustain the economy. Emmanuel is gone, he has lived a very productive life, and I hope we can all emulate him,” he said.
The 72 year old, whose contract was renewed on January 12th, 2021 for five years, has been at the helm of the central bank since 2001. He is the longest serving Chief Executive in the Bank of Uganda’s history. He is credited with many of the sound economic policies adopted by the Uganda government at the urging of the central bank during the 1990s and the first decade of the 2000s.
Amidst Covid-19 pandemic Mutebile and his team have kept Uganda’s economy generally stable. Inflation has been contained within the BOU target of 5% and the Shilling has remained stable against major currencies.